All of this is a problem... how?
1: IMHO, the dollar has been overvalued since the 90s.
2: The European industries sold arms to our enemies in the ME. Why should I feel sad for them getting the shaft? As far as I am concerned, those that sold arms to Iraq after Desert Storm (French and German companies) need to go bankrupt.
3: Remember all that foreign outsourcing people were complaining about? Well, it no longer makes sense, so the jobs are coming back.
I don’t have any particular love for the Euros, however, they are a very large trading partner and if their economies are contracting it will hit us eventually in the form of lower exports. In addition, a weak dollar makes our imports more expensive leading to higher inflation. Also, the country derives substantial benefits from the dollar being the reserve currency of the world. The country derives substantial revenues through cosignage. It all comes down to the fact that there is going to be a world wide financial meltdown at some time in the future and the dollar will be at the center of it.